In Coweta County Georgia, we are starting to see some houses listed as short sales and REO and HUD sales for the SECOND time in the last few years.

How did this happen? Did we learn nothing from the past? Have year after year of buyer incentives and continued low down payments completely eroded the fundamental concept of ownership?

True ownership involves skin in the game. It is too easy to just walk away and there are fewer and fewer consequences with each passing month. And yet the clamoring continues for easing mortgage qualification requirements.

Leverage has toppled the market. The notion of only losing OPM has created economic chaos.

Call me simple-minded, but I will always feel that people will act more responsible when THEIR money is at risk.